According to Bovada, the Cavaliers now are at 4-1 odds to win it all. Meanwhile, James’ former team — the Miami Heat — went from 4-1 to 50-1 odds.

It’s pretty remarkable that James’ decision so dramatically shifted the odds. He joins a Cavaliers team that missed the playoffs last season and finished 16 games under .500. However, Cleveland has a young roster with plenty of potential, and James obviously brings a lot of that together as the best player in the world.

The Cavaliers catapulted over teams such as the defending NBA champion San Antonio Spurs (5-1) and Oklahoma City Thunder (6-1) to become favorites. The Chicago Bulls are the Eastern Conference’s highest-ranked NBA title contender at 7-1 odds.

These odds could change very soon, as a few free-agent pieces still have to fall into place. Players such as Carmelo Anthony, Chris Bosh and Dwyane Wade remain on the market and should start signing soon now that James finally has made his decision.